TotalEnergies has deepened its presence in Namibia’s emerging offshore oil hotspot through a major asset swap with Portugal’s Galp Energia that hands the French energy group operatorship of the Mopane discovery. The arrangement gives TotalEnergies a 40 percent operated stake in PEL 83, which contains Mopane, a find considered one of the most promising new resource plays in the region, according to Reuters.
The agreement will see TotalEnergies cover half of Galp’s exploration and appraisal costs on the Mopane acreage. In exchange, Galp will receive a 10 percent interest in PEL 56, the block that hosts the Venus discovery, as well as 9.4 percent in PEL 91. Both licences are operated by TotalEnergies, according to Offshore Technology.
The companies plan to embark on a new exploration programme from 2026, which will include at least three additional wells aimed at derisking reserves and advancing studies for a potential large-scale production hub. Industry analysts say the move positions TotalEnergies at the centre of Namibia’s fast-growing Orange Basin, according to OE Digital.
TotalEnergies described the deal as a natural consolidation of its deepwater strategy, noting that it now has operational control of the two most significant recent discoveries in Namibia. The transaction is expected to close in 2026 subject to regulatory approvals, according to company statements cited by StockTitan.
